MCLEAN, Va., June 19, 2013 /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") today announced that it has priced its public offering of 1,320,000 shares of its common stock at a price to the public of $18.82 per share. The offering was increased in size from the originally contemplated 1,100,000 shares of common stock. The Company also granted the underwriters a 30-day option to purchase up to 198,000 additional shares of common stock to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on or about June 24, 2013. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $23.5 million (exclusive of the underwriters' over-allotment option).
Janney Montgomery Scott LLC is serving as the sole book-running manager for the offering. Oppenheimer & Co. Inc. is serving as joint lead manager. J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corporation are serving as co-managers.
The Company intends to use the net proceeds from this offering to fund pending and future property acquisitions (including the pending acquisition of a 320,597-square foot office building located in Texas) and repay debt and for general corporate purposes.The offering is being conducted as a public offering under the Company's effective shelf registration statement filed with the Securities and Exchange Commission (File No. 333-169290). Copies of the final prospectus supplement (when available) and the related base prospectus may be obtained by contacting: Janney Montgomery Scott LLC, 60 State Street, Boston, MA 02109, Attention: Equity Capital Markets Group or firstname.lastname@example.org. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.